The Nevis Financial Services Sector

For the past twenty years, the island of Nevis has enjoyed a solid reputation as an innovative and reliable jurisdiction in international financial services and tourism. Nevis' legislative regime for financial services include international exempt trusts, international business companies, limited liability companies and offshore banks. Additionally, the Nevis Island Administration has drafted new legislation for insurance products and is currently perusing legislation for new products to complement its existing vehicles.

Challenges

In the recent past, Nevis, as with other financial centres have faced shocks and dislocations presented by the continued attacks by international organisations as well as national governments using such measures as blacklists, anti-money laundering measures, counter terrorism financial enforcement, advisories and the imposition of heightened standards that have all increased the pressure on the Caribbean financial services industry. Furthermore, the events of the recent past, namely, the world economic recession and the terrorists attacks in the global arena, have presented ongoing challenges to governments and private sector practitioners, as does the continuing threat of global conflicts.

Nevis now more competitive

Nevis recognises that it cannot be overwhelmed by the magnitude of the challenges and is therefore mindful of the fact...